No products in the cart.
- Latest
- Trending
ADVERTISEMENT
With this acquisition, Coinsquare will have over $350 million in assets under custody.
Coinsquare is currently Canada’s oldest cryptocurrency exchange and one of the nation’s largest exchanges, further expanding with new acquisitions.
This comes after the cryptocurrency exchange moved to acquire Canada-based digital asset trading platform CoinSmart. agreed September 22, 2022.
According to the two companies, Coinsquare has entered into a definitive agreement with a registered securities dealer to acquire all outstanding and outstanding shares of Simply Digital Technologies, a wholly-owned subsidiary of CoinSmart.
“This acquisition marks a monumental and exciting milestone for both companies, uniting two industry-leading management teams.Coinsquare CEO Martin Piszel said:
Under the terms of the acquisition, CoinSmart will receive $3 million in cash and 5,222,222 shares of Coinsquare stock, valued at approximately $5.02 per share, for a total of approximately $26.2 million. Additionally, CoinSmart could receive up to $20 million in additional compensation over his three-year period on the company’s revenue expenditure of his SmartPay business.
Upon completion of the cash-and-stock transaction, CoinSmart will own approximately 12% of Coinsquare, with co-founders including Justin Hertzman, Jeremy Coben, and Michael Coralamonst joining Coinsquare. .
CoinSmart CEO Hartzman joins Coinsquare’s leadership team.
Coinsquare’s acquisition of the digital asset platform strengthens its position as one of Canada’s largest cryptocurrency exchanges. The company was founded in 2014 and its expansion has made it the only qualified crypto custodian provider in the country.
“With a diverse product suite, outstanding cryptocurrency talent, and one of Canada’s largest user bases, the combined company is well positioned to pursue aggressive expansion plans.said Hertzman.
In addition to adding to its growing customer base and cryptocurrency offering, the deal sees the combined venture hoarding $350 million in assets.
